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Quarterly Report For The Financial Period Ended 31 December 2016

Financials Archive

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Condensed Consolidated Statement Of Profit And Loss And Other Comprehensive Income
For The Quarter And Year Ended 31 December 2016

Condensed Consolidated Statement Of Financial Position
As At Ended 31 December 2016

Review of Performance

Comparison between Current Financial Quarter Ended 31 December 2016 and Previous Corresponding Quarter Ended 31 December 2015

A summary of the Group's performance is set out below:-

Technical Assembly Services Division

There were no orders in the current quarter ended 31 December 2016.

Surface Treatment & Precision Cleaning Division

Revenue for the current quarter increase as compared to the preceding year corresponding quarter mainly due to increase in cassette and tray cleaning volume. Gross profit margin increased from 15.98% to 30.26% mainly due to improve cost structure through full leverage on DWZ resources.

Overall, the Group reported a profit before tax of RM2.42 million as compared to a profit before tax of RM6.27 million in the previous year corresponding quarter. Included in profit before tax are the following item:

  1. Other income
    2016: Compensation for profit guarantee shortfall RM1.27 million.
    2015: Excess of net fair value over acquisition cost RM7.46 million.
  2. Other expenses
    2016: RM0.99 million intangible asset written off.

Comparison between Current Year Ended 31 December 2016 and Previous Corresponding Year Ended 31 December 2015

Technical Assembly Services Division

There were no orders in the current period ended 31 December 2016.

Surface Treatment & Precision Cleaning Division

Revenue from Surface Treatment & Precision Cleaning for the current period increased by approximately 48.44% as compared to the preceding year corresponding period mainly due to the inclusion of newly acquired DWZ group and overall increase across all precision cleaning services. Gross profit margin increased from 16.21% to 25.65% mainly due to improve cost structure through increase leverage on DWZ resources.

Overall, the Group reported a profit before tax of RM2.67 million as compared to a profit before tax of RM3.79 million in the previous year corresponding period. Included in profit before tax are the following item:

  1. Other income
    2016: Compensation for profit guarantee shortfall RM1.27 million.
    2015: Excess of net fair value over acquisition cost RM7.46 million.
  2. Other expenses
    2016: RM0.99 million intangible asset written off.

Material Changes in the Quarterly Results as Compared with the Immediate Preceding Quarter

Technical Assembly Services Division

There were no orders in the current quarter ended 31 December 2016.

Surface Treatment & Precision Cleaning Division

The Group's revenue from Surface Treatment & Precision Cleaning for current financial quarter has increased by 4.04% as compared to the immediate preceding quarter. The increase in sales is mainly due to increase in Surface treatment services.

Gross profit margin for the surface treatment and precision cleaning division increased from 21.58% to 30.26% mainly due to increase in the higher margin Surface treatment services revenue.

Overall, the Group registered a profit before tax of RM2.42 million as compared to a profit before tax of RM1.60 million in the immediate preceding quarter.

Future Prospects

The demand for our services from the Hard Disk Drive Industry is expected to remain stable. With the combine surface treatment & precision cleaning business return to profitability, the Group will accelerate its expansion plan.

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